Li Lu, The 'Chinese Warren Buffett' Remembers His Friend And Mentor Charlie Munger

Charlie Munger, the legendary investor and right-hand man to Warren Buffett, left an indelible mark on the world before he died in 2023. A testament to his impact comes from Li Lu, founder of Himalaya Capital Management and the only person besides Buffett entrusted with managing Munger’s family fortune.

Beyond his renowned investing prowess, Munger’s influence stemmed from his unwavering moral compass, dedication to lifelong learning and passion for sharing his wisdom. Lu shares these ideals. He was born in 1966 in Tangshan, China, and survived the devastating 1976 Tangshan Earthquake, one of the country's deadliest natural disasters. In his 20s he participated in the iconic Tiananmen Square student protests and took on a leadership role to support the students' goals. After the protests, Lu fled China and settled in the United States. 

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Munger was vice chairman of Berkshire Hathaway Inc., partnering with Buffett for over 40 years. He and Buffett created a value-oriented approach, delivering exceptional returns for his family and Berkshire Hathaway holding company clients. 

In a moving eulogy, Lu discussed Munger’s philosophy and his admiration for the man and his financial approach. 

"Charlie was a dear friend, mentor, investment partner and, above all, a role model," Lu said. "He had a profound impact on me as an investor and individual, and I could not be more grateful for his trust, support, and wisdom. He inspired millions around the world, and his legacy and impact will live on for generations to come. He will be sorely missed."

Lu and others noted Munger's humor and willingness to speak his mind. This included calling cryptocurrencies “partly fraud and partly delusion” or calling out corporate accountants for their “bullsh*t earnings.” While some saw this as harshness, these types of comments reflect Munger’s commitment to truth and educating the public.

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For Lu, Munger’s emphasis on moral investing made him a modern-day philosopher, particularly in China. The Mandarin translation of Munger’s autobiography “Poor Charlie’s Almanack” sold over 1.2 million copies, with the educated class viewing him as a “modern-day Confucianist, maintaining a virtuous and enlightened life while embracing capitalism.” Lu believes this vision could be crucial for improved relations between China and the U.S.

Lu also expressed admiration for Munger for not spending extravagantly, and instead focusing his wealth on causes. "As he gained in wealth and stature, he showed little appetite for the trappings of that success, and instead spent his wealth on worthy causes and tirelessly spread his worldly wisdom to those who would listen, open with humor," Lu said. "He remained deeply engaged with family, friends, partners and the broader world with loving assiduousness through his last days."

Munger’s legacy extends beyond financial acumen. He leaves a treasure trove of wisdom on navigating life’s complexities with integrity, humor and a constant thirst for knowledge. Munger continued to learn new ideas and share his considerable knowledge throughout his life through speeches, essays and his book “Poor Charlie’s Almanack.”

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